Chart EUR/CAD Update: Choppy in broad range
Cautious trade has given way to a minor test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5100 | * | congestion | S1 | 1.4800 | * | congestion | |
| R3 | 1.5000 | ** | congestion, 61.8% ret | S2 | 1.4745 | ** | 61.8% ret of Nov-Jan rally | |
| R2 | 1.4955 | ** | 50% ret of Jan-Feb fall | S3 | 1.4700 | * | congestion | |
| R1 | 1.4900 | ** | break level, 38.2% ret | S4 | 1.4645 | ** | 76.4% ret of Nov-Jan rally |
Asterisk denotes strength
10:55 GMT - Cautious trade has given way to a minor test higher, with prices meeting selling interest beneath strong resistance at 1.4900. Overbought intraday studies are unwinding, highlighting room for a drift lower once again, but rising daily stochastics and the improving daily Tension Indicator are expected to limit losses in further consolidation above congestion support at 1.4800. Negative weekly charts, however, highlight room for a later break beneath here towards stronger support at the 1.4745 Fibonacci retracement. Continuation beneath here would extend January losses towards congestion around 1.4700. Meanwhile, a close above 1.4900, if seen, would target the 1.4955 Fibonacci retracement, where renewed selling interest is expected to appear.